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Lehigh Valley Housing Market Excels in February | WDIY Local News

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The Greater Lehigh Valley REALTORS® (GLVR) reported February data that showed a more stimulated real estate market as sellers see opportunity in the New Year and in the upcoming spring market according to a news release.

GLVR CEO Justin Porembo said, “After a tepid January market in the Lehigh Valley, February shook off the sleepiness and showed up with a double-digit increase in New Listings, a steady showing of Pending Sales, and buyers moving properties at a faster pace than the previous year. And with the 30- year fixed-rate mortgage averaging 6.88 percent, falling from last week’s 6.94 percent average, mortgage applications rose for the first time in more than a month.”

GLVR President Lori Campbell added, “Although buyers may find additional options in their home search, inventory remains below the five to six months’ supply of a balanced market, and demand is exceeding supply. As a result, existing-home sales prices have continued to rise, creeping back toward the all-time high for the Lehigh Valley of $335,000, seen in June 2023.”

In Carbon County, the Median Sales Price increased to $220,000.

In February, new listings increased 12.3 percent and homes sold on average, in 24 days, seven days faster than the previous February.

Mike Flynn is the local host for WDIY's Thursday broadcast of NPR's All Things Considered.
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